greece believe investors can avoid quitting the euro that in turn will spur the exits of portugal even italy and spain. ireland the board. over the last couple of. spain over germany italy with germany started to go all europe's top banks hold billions of euro greek and portuguese debt if those countries go bust they could lose that money we might see scenarios. people will run to the bank in order to withdraw their deposits because they believe the bank might not be able to pay them the euro's facing an existential crisis admits german chancellor angela merkel but the head of your biggest economy . to compromise at the brussels summit that's raising tensions across the globe. at the moment the most visible the most obvious the eurozone

problems but on the other side of the atlantic you have the u.s. economy the session with very weak economic figures and suffering as well e.u. leaders could sign the warrant for the single currency here at the summit if again they fail to do a deal to halt the spreading your a virus experts fear public panic will take over denying them control. brussels well i'm now joined live by hugh senior research fellow at the skulk of institute for emerging markets in beijing to discuss china's perspective on the european crisis documented being with us here on r.t. i know we reported half an hour. and to reach an agreement on how to deal with the greek debt is this likely do you think. maybe.

sorry i didn't catch your question so my question was put it all to the the huge amount of time they had to call the french president to reach an agreement on how to deal with greek debt do you think that this point towards a potential political reference. well yeah political negotiations are always difficult to see the negotiation process won't be easy but i think the leaders have realized. how to make a deal must be abridged saw. some kind of deal. further. budget to cut. another all started to mattress must apply to two degrees to the greek government. all saw. across the european union to support all. member conscious. and won't be included

saw i would to see well. i'm not very pessimistic about. you now but president of the year group said that a new bailout for greece could still mean a partial two fold to you does this sound like the small tremor before a big earthquake. i will see if bought but i would to see some kind of restructuring is possible if one member countries on the debt let me trigger chair reaction so that the slow existence of euro me actually be a problem so i won't see there will be a default restructuring is more likely so but the restructuring is already a big thing because that always means significant losses to the creditors including other member states in european union. china i mean

a lot of creditors will suffer soul so that is already a significant risk for you must as across the world and why you will view is this happening at all wouldn't it make more economical sense for countries to spend more than they can afford just to default so rather than revert to their own currencies to solve their own problems. i seem. to think a structural problem with the design of the european union. is not. unified conscious so it's a member of a number of member states here so it's hard to discipline each individual independent governments in terms of government spending. politicians tend to spend walden they can collect that is always sort so if there's

sufficient discipline in place then this situation will come up again. or i. think are currently q i see the research fellow at the skolkovo institute for emerging market studies in beijing many times speaking to us on today. it's my pleasure. while turning from countries causing trouble for the european union to others still hoping to join it serbia is expecting progress on its integration bit following the arrest of war crimes suspect gordon but it remains a key hurdle to membership still need to clearing how did should may be extradited to the hague on the saturday. is in the serbian capital belgrade with more for us sara what's the mood among the public in belgrade to see you desire of the politicians matched by the man on the streets. well whilst the government is very much to the west the public opinion actually does this quite significantly now

the last time i was in both grade at the end of last year i spoke to the deputy prime minister head as to why there's still such a government drive to this membership and he said that they really see this as a chance for serbian people to have a normal life well the people here in serbia only have to look at what's happening right now in greece in spain in italy to see quite clearly e.u. membership is not going to be the answer to all our country's problems now add to that that they're also a very disillusioned with the government's policies and the way that they've handled this whole partnership and dealings with the e.u. they feel the serbia is being made to jump through hoops and that whilst there filling all these the monster to put on them by the this thing gets very little in return as we can hear from some commentators now. we will get in return what usually gets nothing whatsoever. got many many more hoops to

jump over before you can get anywhere close to member ship. now remember that the e.u. has always linked. membership with the full cooperation with the hague and we've already heard from president had it that he feels that they have felt their moral and legal obligations to the hague so it's going to be very interesting now to see with this latest arrest of had it whether or not the e.u. is going to school not just with words but with actions now because it seems that with the arrests serbia really has called brussels bluff. many plans. to raise. plenty more ahead for you this hour including a time when to say goodbye to the taliban has grown as a result of continued u.s. presence in the southern afghanistan we get out for his opinion on how the pullout

of u.s. troops in the country could improve security. just imagine this peace is a dirty word a hundred billion years old what the space iraq spirit is it calls a person of the sea to profit week school what lies behind me sure i perceive it it's spreading in central russia. investigations into the phone hacking cases rocking the u.k. a growing by the day with ever more questions being asked of key figures in political media and police circles as the scandal intensifies its impact threatens careers across the board on his door and it reports on how the case continues to haunt not just rupert murdoch but the prime minister david cameron as well. this is . my life i'm enjoying this so. who will survive the phone hacking scandal and keep his job as cameron comes under fire for hiring

a former editor of the now defunct news of the world he's accused of encouraging his staff to hack into private voice mails there's been a large amount of fingers in isn't just the kind of heads in the sand and that is lethal for a prime minister and he's now in a real fight isn't a real really bad situation he could well be looking at some serious consequences for himself at the very least start still around him betting shops have slashed the odds on cameron being the next m.p. to quit backing they offered one hundred to one at the beginning of the week but just five to one three days later in the last two weeks or so we've seen a lot of money go on camera in the last forty eight hours when the. committees have been going on behind us. and we've seen cameron over the last few weeks fall from one hundred to one to be the next cabinet member to leave to forty one years just

slightly crept up again to five to one today as a result of his statements in the house earlier where we thought he gave quite a good performance on choose day it was murdoch's turn for a close shave attacked by a protester with a foam pie and saved only by his wife's right hook despite profuse apologies to victims of his own newspaper's unethical behavior he had no intention of stepping down himself. what's less clear is whether david cameron remains the best person to lead britain at this crisis of confidence he hired to close and who in turn it was later revealed was being advised by a number x. news of the world back neil wallis if that wasn't enough he was simple asleep taney . working for the metropolitan police politicians and police under fire for cruising up to commuting with the murdoch empire and in the willingness of cameron

archrival age miliband is liberating up to step into the ring was so the country can have the leadership we need why why doesn't he do more why doesn't he do more than give our apology and provide the full apology now for hiring mr colson and bringing him into the heart of downing street. commentators say the prime minister came out on top in wednesday's round in the house of commons week when he railed by and pees over his relationship with nice quote but the fight is far from once you know. he is damaged before base he was he was beginning to develop and there's a bill in ninety four on camera because none of the sort of damaging political issues that were circling the government actually stuck to him the scandal has forced resignations all round top executives at news corp and the u.k.'s two most senior police officers many are asking why the prime minister shouldn't be next for

a knockout david cameron's promised a full so apology if it turns out andy cools and like to him about his involvement with phone hacking but some say that won't be enough when it's over and we are a long way from that it's far from clear who can survive the round still to come and remain at the top of the media the police and the government will read it all to. new york based some based radio host drop us have a seat or please rupert murdoch days at the top of his media empire are numbered and his political ambition has been his downfall. i would be shocked if he is still at the helm of news corp in though the next couple of months and i think we're going to see actually a reversal of this i mean murdoch was in many ways a throwback in. professor jay rosen at n.y.u. has basically said that this was not a a new company it was

a media company that has a news division that essentially functions as a lobbyist as a lobbying arm for that media enterprise and i think murdoch wanted political power but it was and i suspect that anybody who takes over from murdoch and we don't know who that will be but i'm sure there will be somebody will see this this pursuit of political power just for the sake of political power to be antithetical to running a good business. plenty more to find a long website including the latest news blogs an expert analysis his once online if you right now at home i did live free with a difference in the lion's den is pledged to spend five weeks for this family of eight counts none of it will be then. passions run high in st peter's baggies dozens of glamorous contestants put on the high heels for one hundred meter sprint find out what prize the gals were chasing

on our website awesome dot com. the security handover in afghanistan has begun but responsibility for the region's being transferred from nato into the hands of local forces the whole transition process and scheduled to last until twenty fourteen opted out the remaining foreign troops in afghanistan will only be in support roles such as training local police violence recently spiked in the country with insurgents taunting regions being handed a fact that the taliban won't be safe there to fight foreign forces gone according to take to the best found a little better in than men. we think afghanistan. the taliban has grown as a result of continued u.s. presence in the southern afghanistan so by the u.s. leaving you're going to see the taliban basically not want to fight as much because they're going to basically be fighting it's afghans you're going to see an afghan

peace process take place because afghans generally speaking don't want to silly fight with each other they just simply want to live in coexist for the most part as the taliban comes into the peace process comes into the afghan government the taliban will begin to reconcile itself with the population and become more congenial simply because it has to give it wants to be taken seriously by the population generally speaking the afghans are better off with governing themselves without the united states or the coalition forces providing security for them because as we've seen we have unintentionally killed a lot of people and i think that we would be foolish to sit here and think that the u.s. is leaving we're not leaving there will be permanent u.s. involvement in nato involvement for a long time. elsewhere across the globe the u.s. has announced it will send aid to famine hit somalia but then here for sure in the

words way behind it is the true islamic militant controlled areas the u.n. is because the state of famine insolvency somalia when nearly four million people are in danger of a devastating drought has called the crisis of the worst in decades it's estimated the stricken country needs in one of the hot believe us dollars in. atlanta this is. the very last. fortnight in rebates touchdown brings to an end the percy via american station. lunges is the last shuttle girl wouldn't on it under the traditional display at the kennedy space center any fusion rogers i knew and was to the international space station will rely entirely on help from russia again are sometimes you have to dig quite deep to reach for the stars but at least that's the case in central russia the design region where me tried fever has spread in recent years artie's exam a boy could jump to the chance to catch

a full install so. they don't believe in aliens of the time machine but they do spend most of their time looking for extraterrestrial matter that will take them billions of years back in time most meteorite hunters in russia do it for profit but some still see it as their way of he talking through the galaxy that the new mission this is the oldest matter you can hold in your hands there is a theory that meteorites are part of planets core just imagine this piece is about four and a half billion years old like the earth anthem this valley about three hundred kilometers east of moscow is their latest pitstop about ten thousand years ago the local fields took a happy pounding from an irish hour creating the most brutal enemy to right the ground in central russia its discovery in two thousand was a pure accident. if you did dog kids help with the draining off the excavators left a local resident was passing by if you noticed

a rather strange broken picked it out of the rug lay idly in his barn for two years until the sort program brought meteorites on t.v. and sent it in for testing that's. been done in new years about three tons of meteoric material was discovered here at the sun with the unlikely air out of the donation he's honest as he's the only dog in russia trying to account for rocks from other planets in many ways meteorite hunting is a lot like gold digging you have to spend weeks in the wild hoping for stroke a flock but in today's prices searching for these acts trying to wrestle rocks can be more profitable than even the good old gold fever marchionne no lou and i meteorites we are in high as the month can cost two or even three times the weight in gold the biggest findings usually gravitate to the united states and western europe when most me to write collectors at base and about the law actually where the facts are correct for the rocks ten percent of their value of must be paid to

this. sure still some delusion to try and dodge the meteorite tax this time on halt was uncovered earlier this year at a moscow airport on its way illegally to the czech republic for some of their fallen stars but for others to write recently becoming a blazing hot commodity. ok so soon for the schools who send us about twenty minutes away to discover how some strive to pick cool in the hot summer. and how could i just take a look at how these would be the best time in the skills to the task the feeling trampled panels wounds of kilometers to mess about on the altar of moscow in an activity that's what i meant here in russia all the fun in the south and much more in all sports. for that let's circle to turn on the serious business which beach so.

i was you know warm welcome to business a minority shareholder of preparing a lawsuit claiming billions of dollars in damages over b.p.c. failed bid to partner. exploration shareholders of one of the russian court ruling ordering papers surrounding a multi-billion dollar deal to be revealed as will allow them to evaluate the damages b.p. and rosneft failed to strike the deal this spring is ten k. b.p. shareholders claimed b.p.'s russian joint venture should be the primary vehicle for exploration in the arctic. doing now to discuss the issue is from goldberg. so much for being with us so this ruling that we've just just heard about does this really make way for a big lawsuit claiming damages one would hope not i mean this is a nightmare for b.p. isn't it you know they just pulled out of the deal with us now if they think that their troubles are over in russia and now this pops up we'll have to see you mean

you would hope it's just speculative you would hope there's nothing in it if you work for b.p. you know i think so. yes but anyway do they have grounds to actually claim claim damages well it's not it's not clear at this stage all the cotton siberia's said is look they they have the right to get further evidence and to see what's actually happened at this stage it's just checking and verifying they haven't actually brought the damages yet as we understand what can they find in these documents that they're demanding be revealed what they're saying essentially is that b.p. . has ruined valley for the deal should have been through the b.p. vehicle and that if it had been then there holding in that vehicle would have been greatly enhanced they made a lot more money so that's basically what they're claiming is is financial compensation what about the the fact there b.p. potentially knew that there was this shareholder agreement and the it was that they had to go through. all of the exploration. i mean clearly there's

a bigger dispute here there's a bigger issue i mean b.p. will say yes we knew about it that's why we made the deal conditional we tried to satisfy that condition we weren't able to therefore the deal fell away i think the claim is suggesting that you know there's been something that's that's some wrongdoing effectively and that's what we have to see so right now lawyers of the representing the minority shareholders are saying damages could be five to ten billion dollars. well sounds a bit steep from where i'm sitting and again we'll have to see we'll have to see what evidence comes out but to my mind it's going be very hard for them to really establish that there's been something that's been done this wrong and that's led to that sort of sort of a financial loss my my suspicion is this is all part of a commercial negotiation try to get something useful see what kind of resolution to actually expect to see i mean we've heard that b.p. was trying to buy out the russian shareholders of people that apparently failed

what's going to happen although i mean again this is a nightmare for b.p. isn't it you know they they think they've settled their problems in russia and then this pops up so they will have a jewel strategy they would have sat down with their lawyers and they would have said publicly we will attack this we will defend this we refuse privately maybe a settlement can be done that's what they will get rid of this if they can't at a reasonable one final thing i want to clear out the world does this mean the minority shareholders claim b.p. representatives anthony cero and richard scott sloan made it impossible for b.p. to participate in the arctic deal well it's all a bit strange isn't it we don't really know and i think that's the purpose of the decision of the siberian court is that they've now got the permission to get further evidence we'll have to see it doesn't add up from where i'm sitting but you know. why these two people well i think they were saying they were the key officers at the time that they would've been responsible for the actions in the decisions i think that's the reason they've been listed but who knows we'll see to my mind it seems a bit overstated all right and i've read

a partner be able to thank you so much i'm going with this. let's move to the markets if we have time first of all to look at crude and it's been a volatile day actually a drop in the u.s. pushed up but reports of a contraction in chinese manufacturing pulled it back down what we're seeing right now light sweet decline of thirty seven cents a barrel brant sixty five. european markets are also in the red this gains as chancellor merkel and french president sarkozy agreed on a joint approach to greece's debt crisis ahead of today's summit but what we're seeing right now is that putting down a third of a percent tax one fifth of a percent and here in moscow we're slowly moving out of negative territory markets are flat this hour tears down by just a notch as is the my sex this is as retail sales accelerated in june as take a look at some of the individual movers on the my six energy shares not really benefiting from this decline in the crude oil gas from their four down point four

percent as burbank has been pretty volatile past couple of sessions down one percent this hour bucking this trend last telecom that's also a very volatile stock it's rallying on speculation it could be completely soldier private investors and the previous session we saw five and a half percent of the stock and we will be back in fifty minutes time with an update of the headlines.

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is. for a crime summit and i'm running out measures to tackle the greek crisis but many say with the debt epidemic spreading and threatening think economies like italy and spain it's the very future of the school currency that's at stake. meanwhile the trouble tearing aspiring states from wanting to join this. time fugitive to the hague arresting gotten out it was the conditions are filled to them to move closer to becoming a member of the. investigations into the new case phone hacking scandal intensify

with even more political figures coming on the street you can be on public betting on the case my friend down next experts say it strengthens the careers of the major executives including himself but also the political future of prime minister david cameron. shevardnadze discusses the prospects of economic cooperation between paris and moscow with the french president's special representative to russia. after the last special representative of the french president corp on russian french business relations thank you very much for being with us today so you come to russia every fifteen days what is your primary mission now put on your coffee at

my first mission given by president sarkozy in line with president admitted if it is to report and. interview russian economic zone and the second part of this mission is to strengthen economic cooperation in all possible areas between our countries. now you have responsibility also developing the trade between french france and russia which sectors of the russian economy do you think are most attractive for business leaders and friends. today for france it is of course more materials in trade. essential deal together but there is much more store alstom is doing with trans march holding building locomotives for exports ross the world. is doing in the pharmaceutical area we cooperate in many new technological areas these areas are multiplying because we were in charge of russia's modernization plan and french companies can offer quality technology up .